##### Table of Contents



UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
 WASHINGTON, D.C. 20549
 FORM 10-Q
  þ
    
    QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 For the quarterly period ended September 30, 2009
 OR
 o
    
    TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 For the transition period from  to
 Commission File number: 000-53764
 SUPERFUND GOLD, L.P.
 
 Delaware
    
    98-0574019 (Series A); 98-0574020 (Series B)(State or other jurisdiction of 
incorporation or organization)
    
    (I.R.S. Employer Identification No.)Superfund Office Building 
P.O. Box 1479
Grand Anse 
St. Georges, GrenadaWest Indies
    
    Not applicable(Address of principal executive offices)
    
    (Zip Code)
 (473) 439-2418
 Not applicable
  þ o
  o o
  Large Accelerated Filer o
Accelerated Filer o
Non-Accelerated Filer o(Do not check if a smaller reporting company)
Smaller Reporting Company þ
  o þ




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##### 



PART I  FINANCIAL INFORMATION
 ITEM 1. FINANCIAL STATEMENTS
  PageFinancial StatementsStatements of Assets and Liabilities as of September 30, 2009 (unaudited)
and December 31, 2008
    
    
    3Condensed Schedule of Investments as of September 30, 2009 (unaudited)
    
    
    4Statements of Operations for the three months ended September 30, 2009 (unaudited) and for the
period from April 1, 2009 (commencement of operations) through September 30, 2009 (unaudited)
    
    
    5Statements of Changes in Net Assets for the period from April 1, 2009 (commencement of
operations) through September 30, 2009 (unaudited)
    
    
    6Statements of Cash Flows for the period from April 1, 2009 (commencement of operations)
through September 30, 2009 (unaudited)
    
    
    7The following financial statements of Superfund Gold, L.P.  Series B are included in Item 1:
 PageFinancial StatementsStatements of Assets and Liabilities as of September 30, 2009 (unaudited)
and December 31, 2008
    
    
    8Condensed Schedule of Investments as of September 30, 2009 (unaudited)
    
    
    9Statements of Operations for the three months ended September 30, 2009 (unaudited) and for the
period from April 1, 2009 (commencement of operations) through September 30, 2009 (unaudited)
    
    
    10Statements of Changes in Net Assets for the period from April 1, 2009 (commencement of
operations) through September 30, 2009 (unaudited)
    
    
    11Statements of Cash Flows for the period from April 1, 2009 (commencement of operations)
through September 30, 2009 (unaudited)
    
    
    12Notes to Series A and Series B Unaudited Financial Statements Dated September 30, 2009
    
    
    13EX-31.1EX-31.2EX-32.1EX-32.2
  2




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##### Table of Contents



SUPERFUND GOLD, L.P.  SERIES A
STATEMENT OF ASSETS AND LIABILITIES
September 30, 2009 (Unaudited) and December 31, 2008
 September 30, 2009
    
    
    December 31, 2008ASSETSUS Government securities, at fair value
(amortized cost of $749,842 as of September 30, 2009)
    
    $
    749,842
    
    
    $
    Due from brokers
    
    
    931,931
    
    
    
    Futures contracts purchased
    
    
    160,815
    
    
    
    Cash
    
    
    757,442
    
    
    
    2,000Total assets
    
    
    2,600,030
    
    
    
    2,000LIABILITIESFutures contracts sold
    
    
    2,137
    
    
    
    Subscriptions received in advance
    
    
    616,500
    
    
    
    Incentive fee payable
    
    
    4,197
    
    
    
    Management fees payable
    
    
    3,715
    
    
    
    Fees payable
    
    
    4,200
    
    
    
    Total liabilities
    
    
    630,749
    
    
    
    NET ASSETS
    
    $
    1,969,281
    
    
    $
    2,000Superfund Gold, L.P. Series A-1 Net
Assets
    
    $
    1,766,158
    
    
    
    Number of units outstanding
    
    
    1,759.522
    
    
    
    Superfund Gold, L.P. Series A-1 Net Asset value
per unit
    
    $
    1,003.77
    
    
    $
    Superfund Gold, L.P. Series A-2 Net
Assets
    
    $
    203,123
    
    
    $
    Number of units outstanding
    
    
    193.259
    
    
    
    Superfund Gold, L.P. Series A-2 Net Asset value
per unit
    
    $
    1,051.04
    
    
    $
    
  3




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##### Table of Contents



SUPERFUND GOLD, L.P.  SERIES A
CONDENSED SCHEDULE OF INVESTMENTS
September 30, 2009 (Unaudited)
 Percentage ofFace Value
    
    
    Net Assets
    
    
    Fair ValueDebt Securities United States, at fair valueUnited States Treasury Bills due November 27, 2009
(amortized cost of $749,842), securities are held in margin
accounts as collateral for open futures contracts
    
    $
    750,000
    
    
    
    38.1
    %
    
    $
    749,842Futures contracts, at fair valueFutures Contracts PurchasedCurrency
    
    
    
    
    
    
    0.9
    
    
    
    16,931Financial
    
    
    
    
    
    
    0.6
    
    
    
    11,024Metals
    
    
    
    
    
    
    6.7
    
    
    
    132,860Total futures contracts purchased
    
    
    
    
    
    
    8.2
    
    
    
    160,815Futures Contracts SoldCurrency
    
    
    
    
    
    
    0.0
    *
    
    
    725Food & Fiber
    
    
    
    
    
    
    (0.0
    )*
    
    
    (537
    )Indices
    
    
    
    
    
    
    0.0
    *
    
    
    269Metals
    
    
    
    
    
    
    (0.1
    )
    
    
    (2,594
    )Total futures contracts sold
    
    
    
    
    
    
    (0.1
    )
    
    
    (2,137
    )Total futures contracts, at fair value
    
    
    
    
    
    
    8.1
    %
    
    $
    158,678Futures contracts by country compositionAustralian
    
    
    
    
    
    
    (0.1
    )%
    
    $
    (2,469
    )European Monetary Union
    
    
    
    
    
    
    0.5
    
    
    
    9,910Great Britain
    
    
    
    
    
    
    0.3
    
    
    
    5,172Japan
    
    
    
    
    
    
    0.6
    
    
    
    12,094United States
    
    
    
    
    
    
    6.8
    
    
    
    133,103Other
    
    
    
    
    
    
    0.0
    *
    
    
    868Total futures contracts by country
    
    
    
    
    
    
    8.1
    %
    
    $
    158,678
 
 *
    
    Due to rounding  4




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SUPERFUND GOLD, L.P.  SERIES A
STATEMENTS OF OPERATIONS
(Unaudited)
 For the Period fromApril 1, 2009,Three Months
    
    
    (commencement ofEnded
    
    
    operations) throughSeptember 30, 2009
    
    
    September 30, 2009Investment incomeInterest income
    
    $
    359
    
    
    $
    637Total income
    
    
    359
    
    
    
    637ExpensesManagement fee
    
    
    9,787
    
    
    
    16,361Selling commissions
    
    
    7,899
    
    
    
    13,568Incentive fee
    
    
    4,213
    
    
    
    4,213Operating expenses
    
    
    3,263
    
    
    
    5,454Brokerage commissions
    
    
    3,645
    
    
    
    5,791Other
    
    
    99
    
    
    
    186Total expenses
    
    
    28,906
    
    
    
    45,573Net investment loss
    
    
    (28,547
    )
    
    
    (44,936
    )Realized and unrealized gain on investmentsNet realized gain on futures and forward contracts
    
    
    19,551
    
    
    
    50,007Net change in unrealized appreciation on futures
and forward contracts
    
    
    196,861
    
    
    
    158,678Net gain on investments
    
    
    216,412
    
    
    
    208,685Net increase in net assets from operations
    
    $
    187,865
    
    
    $
    163,749Net increase in net assets from operations per unit
(based upon weighted average number of units
outstanding during period) for Series A-1
    
    $
    103.03
    
    
    $
    100.31Net increase in net assets from operations per unit
(based upon change in net asset value per unit
during period) for Series A-1
    
    $
    99.30
    
    
    $
    84.27Net increase in net assets from operations per unit
(based upon weighted average number of units
outstanding during period) for Series A-2
    
    $
    118.20
    
    
    $
    166.40Net increase in net assets from operations per unit
(based upon change in net asset value per unit
during period) for Series A-2
    
    $
    105.49
    
    
    $
    131.54
  5




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SUPERFUND GOLD, L.P.  SERIES A
STATEMENT OF CHANGES IN NET ASSETS
For the period from April 1, 2009 (commencement of operations)
through September 30, 2009 (Unaudited)
 Increase in net assets from operationsNet investment loss
    
    $
    (44,936
    )Net realized gain on futures contracts
    
    
    50,007Net change in unrealized appreciation on futures
Contracts
    
    
    158,678Net increase in net assets from operations
    
    
    163,749Capital share transactionsIssuance of Units
    
    
    1,805,532Redemption of non-unitized initial capital balance
    
    
    (2,000
    )Net increase in net assets from capital share transactions
    
    
    1,803,532Net increase in net assets
    
    
    1,967,281Net assets,beginning of period
    
    
    2,000Net assets,end of period
    
    $
    1,969,281Series A-1 Units,beginning of period
    
    
    Issuance of Series A-1 Units
    
    
    1,759.522Redemption of Units
    
    
    Series A-1 Units,end of period
    
    
    1,759.522Series A-2 Units,beginning of period
    
    
    Issuance of Series A-2 Units
    
    
    193.259Redemption of Units
    
    
    Series A-2 Units,end of period
    
    
    193.259
  6




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SUPERFUND GOLD, L.P.  SERIES A
STATEMENT OF CASH FLOWS
For the period from April 1, 2009 (commencement of operations)
through September 30, 2009 (Unaudited)
 Cash flows from operating activitiesNet increase in net assets from operations
    
    $
    163,749Adjustments to reconcile net increase in net assets from
operations to net cash used in operating activities:Changes in operating assets and liabilities:Gross purchases of U.S. government securities
    
    
    (1,250,134
    )Gross sales of U.S. government securities
    
    
    500,000Amortization of discounts and premiums
    
    
    292Due from brokers
    
    
    (931,931
    )Futures contracts sold
    
    
    2,137Futures contracts purchased
    
    
    (160,815
    )Incentive fee payable
    
    
    4,197Management fees payable
    
    
    3,715Fees payable
    
    
    4,200Net cash used in operating activities
    
    
    (1,664,590
    )Cash flows from financing activitiesSubscriptions, net of change in subscriptions
received in advance
    
    
    2,422,032Redemptions of non-unitized initial capital balance
    
    
    (2,000
    )Net cash provided by financing activities
    
    
    2,420,032Net increase in cash
    
    
    755,442Cash, beginning of period
    
    
    2,000Cash, end of period
    
    $
    757,442
  7




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SUPERFUND GOLD, L.P.  SERIES B
STATEMENT OF ASSETS AND LIABILITIES
September 30, 2009 (Unaudited) and December 31, 2008
 September 30, 2009
    
    
    December 31, 2008ASSETSUS Government securities, at fair value
(amortized cost of $2,699,417 as of September 30, 2009)
    
    $
    2,699,417
    
    
    $
    Due from brokers
    
    
    3,348,793
    
    
    
    Unrealized appreciation on open forward contracts
    
    
    68,664
    
    
    
    Futures contracts purchased
    
    
    1,024,641
    
    
    
    Cash
    
    
    742,805
    
    
    
    2,000Total assets
    
    
    7,884,320
    
    
    
    2,000LIABILITIESUnrealized depreciation on open forward contracts
    
    
    65,719
    
    
    
    Futures contracts sold
    
    
    134
    
    
    
    Subscriptions received in advance
    
    
    295,000
    
    
    
    Management fees payable
    
    
    14,109
    
    
    
    Fees payable
    
    
    14,216
    
    
    
    Total liabilities
    
    
    389,178
    
    
    
    NET ASSETS
    
    $
    7,495,142
    
    
    $
    2,000Superfund Gold, L.P. SeriesB-1 Net Assets
    
    $
    5,684,871
    
    
    
    Series B-1 Units outstanding
    
    
    6,176.794
    
    
    
    Superfund Gold, L.P. Series B-1 Net Asset value per Unit
    
    $
    920.36
    
    
    $
    Superfund Gold, L.P. Series B-2 Net Assets
    
    $
    1,810,271
    
    
    $
    Series B-2 Units outstanding
    
    
    1,947.276
    
    
    
    Superfund Gold Series, L.P. B-2 Net Asset value per Unit
    
    $
    929.64
    
    
    $
    
  8




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SUPERFUND GOLD, L.P.  SERIES B
CONDENSED SCHEDULE OF INVESTMENTS
September 30, 2009 (Unaudited)
 Percentage ofFace Value
    
    
    Net Assets
    
    
    Fair ValueDebt Securities United States, at fair valueUnited States Treasury Bills due November 27, 2009
(amortized cost of $2,699,417), securities are held in margin
accounts as collateral for open futures and forwards
    
    $
    2,700,000
    
    
    
    36.0
    %
    
    $
    2,699,417Forward contracts, at fair valueUnrealized appreciation on forward contractsCurrency
    
    
    
    
    
    
    0.9
    
    
    
    68,664Total unrealized appreciation on forward contracts
    
    
    
    
    
    
    0.9
    
    
    
    68,664Unrealized depreciation on forward contractsCurrency
    
    
    
    
    
    
    (0.9
    )
    
    
    (65,719
    )Total unrealized depreciation on forward contracts
    
    
    
    
    
    
    (0.9
    )
    
    
    (65,719
    )Total forward contracts, at fair value
    
    
    
    
    
    
    0.0
    *
    
    
    2,945Futures contracts, at fair valueFutures Contracts PurchasedCurrency
    
    
    
    
    
    
    2.0
    
    
    
    151,513Financial
    
    
    
    
    
    
    3.9
    
    
    
    291,139Food & Fiber
    
    
    
    
    
    
    0.3
    
    
    
    22,738Indices
    
    
    
    
    
    
    (0.0
    )*
    
    
    (24
    )Metals
    
    
    
    
    
    
    7.5
    
    
    
    559,275Total futures contracts purchased
    
    
    
    
    
    
    13.7
    
    
    
    1,024,641Futures Contracts SoldCurrency
    
    
    
    
    
    
    0.5
    
    
    
    38,404Energy
    
    
    
    
    
    
    (0.1
    )
    
    
    (5,703
    )Food & Fiber
    
    
    
    
    
    
    0.6
    
    
    
    47,926Indices
    
    
    
    
    
    
    0.1
    
    
    
    8,901Livestock
    
    
    
    
    
    
    0.2
    
    
    
    13,120Metals
    
    
    
    
    
    
    (1.3
    )
    
    
    (102,782
    )Total futures contracts sold
    
    
    
    
    
    
    (0.0
    )*%
    
    $
    (134
    )Total futures contracts, at fair value
    
    
    
    
    
    
    13.7
    %
    
    $
    1,024,507Futures and forward contracts by country compositionAustralia
    
    
    
    
    
    
    (0.3
    )%
    
    $
    (22,275
    )European Monetary Union
    
    
    
    
    
    
    1.8
    
    
    
    131,439Great Britain
    
    
    
    
    
    
    1.5
    
    
    
    110,306Japan
    
    
    
    
    
    
    3.2
    
    
    
    239,634United States
    
    
    
    
    
    
    7.3
    
    
    
    550,824Other
    
    
    
    
    
    
    0.2
    
    
    
    17,524Total futures and forward contracts by country
    
    
    
    
    
    
    13.7
    %
    
    $
    1,027,452
 
 *
    
    Due to rounding  9




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SUPERFUND GOLD, L.P.  SERIES B  STATEMENTS OF OPERATIONS  (Unaudited)
 For the Period fromApril 1, 2009Three Months
    
    
    (commencement ofEnded
    
    
    operations) throughSeptember 30, 2009
    
    
    September 30, 2009Investment incomeInterest income
    
    $
    1,068
    
    
    $
    1,643Total income
    
    
    1,068
    
    
    
    1,643ExpensesBrokerage commissions
    
    
    43,199
    
    
    
    68,769Management fee
    
    
    36,406
    
    
    
    54,926Selling commissions
    
    
    24,046
    
    
    
    34,436Operating expenses
    
    
    12,136
    
    
    
    18,309Other
    
    
    602
    
    
    
    1,617Total expenses
    
    
    116,389
    
    
    
    178,057Net investment loss
    
    
    (115,321
    )
    
    
    (176,414
    )Realized and unrealized gain (loss) on investmentsNet realized loss on futures and forward contracts
    
    
    (265,496
    )
    
    
    (519,638
    )Net change in unrealized appreciation on futures
and forward contracts
    
    
    1,097,899
    
    
    
    1,027,452Net gain on investments
    
    
    832,403
    
    
    
    507,814Net increase in net assets from operations
    
    $
    717,082
    
    
    $
    331,400Net increase in net assets from operations per unit
(based upon weighted average number of units
outstanding during period) for Series B-1
    
    $
    97.25
    
    
    $
    67.76Net increase in net assets from operations per unit
(based upon change in net asset value per unit
during period) for Series B-1
    
    $
    83.35
    
    
    $
    0.86Net increase in net assets from operations per unit
(based upon weighted average number of units
outstanding during period) for Series B-2
    
    $
    89.43
    
    
    $
    35.31Net increase in net assets from operations per unit
(based upon change in net asset value per unit
during period) for Series B-2
    
    $
    88.42
    
    
    $
    10.14
  10




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##### Table of Contents



SUPERFUND GOLD, L.P.  SERIES B
STATEMENT OF CHANGES IN NET ASSETS
For the period from April 1, 2009 (commencement of operations)
through September 30, 2009 (Unaudited)
 Increase in net assets from operationsNet investment loss
    
    $
    (176,414
    )Net realized loss on futures and forward contracts
    
    
    (519,638
    )Net change in unrealized appreciation on futures
and forward contracts
    
    
    1,027,452Net increase in net assets from operations
    
    
    331,400Capital share transactionsIssuance of Units
    
    
    7,163,742Redemption of non-unitized initial capital balance
    
    
    (2,000
    )Net increase in net assets from capital share transactions
    
    
    7,161,742Net increase in net assets
    
    
    7,493,142Net assets,beginning of period
    
    
    2,000Net assets,end of period
    
    $
    7,495,142Series B-1 Units,beginning of period
    
    
    Issuance of Series B-1 Units
    
    
    6,176.794Redemption of Series B-1 Units
    
    
    Series B-1 Units,end of period
    
    
    6,176.794Series B-2 Units,beginning of period
    
    
    Issuance of Series B-2 Units
    
    
    1,947.276Redemption of Series B-2 Units
    
    
    Series B-2 Units,end of period
    
    
    1,947.276
  11




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##### Table of Contents



SUPERFUND GOLD, L.P.  SERIES B
STATEMENT OF CASH FLOWS
For the period from April 1, 2009 (commencement of operations)
through September 30, 2009 (Unaudited)
 September 30, 2009Cash flows from operating activitiesNet increase in net assets from operations
    
    $
    331,400Adjustments to reconcile net increase in net assets
from operations to net cash used in operating
activities:Changes in operating assets and liabilities:Gross purchases of U.S. government securities
    
    
    (3,850,212
    )Gross sales of U.S. government securities
    
    
    1,150,000Amortization of discounts and premiums
    
    
    795Due from brokers
    
    
    (3,348,793
    )Unrealized appreciation on open forward contracts
    
    
    (68,664
    )Unrealized depreciation on open forward contracts
    
    
    65,719Futures contracts sold
    
    
    134Futures contracts purchased
    
    
    (1,024,641
    )Management fee
    
    
    14,109Fees payable
    
    
    14,216Net cash used in operating activities
    
    
    (6,715,937
    )Cash flows from financing activitiesSubscriptions, net of change in subscriptions
received in advance
    
    
    7,458,742Redemptions of initial non-unitized capital balance
    
    
    (2,000
    )Net cash provided by financing activities
    
    
    7,456,742Net increase in cash
    
    
    740,805Cash, beginning of period
    
    
    2,000Cash, end of period
    
    $
    742,805
  12




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##### Table of Contents



SUPERFUND GOLD, L.P.  SERIES A AND B
 1. Nature of operations
 Organization and Business
   2. Basis of presentation and significant accounting policies
 Basis of Presentation
  Valuation of Investments in Futures Contracts, Forward Contracts, and U.S. Treasury Bills
  13




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Translation of Foreign Currency
   Investment Transactions, Investment Income and Expenses
  Income Taxes
   Use of Estimates
  Recently Issued Accounting Pronouncements
 ASC 105.10.05
  ASC 810
 Consolidation
 14




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##### Table of Contents



3. Fair Value Measurements
  Level 1
    
    Unadjusted quoted prices in active markets that are accessible at
the measurement date for identical, unrestricted assets or
liabilities;Level 2
    
    Quoted prices in markets that are not considered to be active or
financial instruments for which all significant inputs are
observable, either directly or indirectly;Level 3
    
    Prices or valuations that require inputs that are both significant
to the fair value measurement and unobservable.
  U.S. Government Securities.
 Derivative Contracts.
   15




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##### Table of Contents



Series A
 Balance September30, 2009
    
    
    Level 1
    
    
    Level 2
    
    
    Level 3ASSETSU.S. Government
securities
    
    $
    749,842
    
    
    $
    
    
    
    $
    749,842
    
    
    $
    Futures contracts
purchased
    
    
    160,815
    
    
    
    160,815
    
    
    
    
    
    
    
    Total Assets
Measured at Fair
Value
    
    $
    910,657
    
    
    $
    160,815
    
    
    $
    749,842
    
    
    $
    LIABILITIESFutures contracts
sold
    
    $
    2,137
    
    
    $
    2,137
    
    
    $
    
    
    
    $
    Total Liabilities
Measured at Fair
Value
    
    $
    2,137
    
    
    $
    2,137
    
    
    $
    
    
    
    $
    
 Series B
 Balance September30, 2009
    
    
    Level 1
    
    
    Level 2
    
    
    Level 3ASSETSU.S. Government
securities
    
    $
    2,699,417
    
    
    $
    
    
    
    $
    2,699,417
    
    
    $
    Unrealized
appreciation on open
forward contracts
    
    
    68,664
    
    
    
    
    
    
    
    68,664
    
    
    
    Futures contracts
purchased
    
    
    1,024,641
    
    
    
    1,024,641
    
    
    
    
    
    
    
    Total Assets Measured
at Fair Value
    
    $
    3,792,722
    
    
    $
    1,024,641
    
    
    $
    2,768,081
    
    
    $
    
 16




---



##### Table of Contents



Balance September30, 2009
    
    
    Level 1
    
    
    Level 2
    
    
    Level 3LIABILITIESUnrealized
depreciation on open
forward contracts
    
    $
    65,719
    
    
    $
    
    
    
    $
    65,719
    
    
    $
    Futures contracts sold
    
    
    134
    
    
    
    134
    
    
    
    
    
    
    
    Total Liabilities
Measured at Fair
Value
    
    $
    65,853
    
    
    $
    134
    
    
    $
    65,719
    
    
    $
    
 4. Disclosure of derivative instruments and hedging activities
 Disclosures about Derivative Instruments and Hedging Activities
    Series A:
 As of September 30, 2009Long Positions Gross Unrealized
    
    
    Short Position Gross Unrealized
    
    
    Net Unrealized% of Net
    
    
    
    
    
    
    % of Net
    
    
    
    
    
    
    % of Net
    
    
    
    
    
    
    % of Net
    
    
    Gain (Loss) onGains
    
    
    Assets
    
    
    Losses
    
    
    Assets
    
    
    Gains
    
    
    assets
    
    
    Losses
    
    
    Assets
    
    
    Open PositionsCurrency
    
    $
    16,931
    
    
    
    0.9
    
    
    $
    
    
    
    
    
    
    
    $
    725
    
    
    
    0.0
    *
    
    $
    
    
    
    
    
    
    
    $
    17,656Financial
    
    
    14,101
    
    
    
    0.7
    
    
    
    (3,077
    )
    
    
    (0.2
    )
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    11,024Food & Fiber
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (537
    )
    
    
    (0.0)
    *
    
    
    (537
    )Indices
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    269
    
    
    
    0.0
    *
    
    
    
    
    
    
    
    
    
    
    269Metals
    
    
    132,860
    
    
    
    6.7
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (2,594
    )
    
    
    (0.1
    )
    
    
    130,266Totals
    
    $
    163,892
    
    
    
    8.3
    
    
    $
    (3,077
    )
    
    
    (0.2
    )
    
    $
    994
    
    
    
    0.0
    *
    
    $
    (3,131
    )
    
    
    (0.1
    )
    
    $
    158,678
 
 *
    
    Due to rounding 17




---



##### Table of Contents



For the three months ended September 30, 2009Change in NetRealized Gain
    
    
    Unrealized
    
    
    Net Trading(Losses), Net
    
    
    Gains (Losses)
    
    
    Gains (Losses)Foreign Exchange
    
    $
    319
    
    
    $
    
    
    
    $
    319Currency
    
    
    (1,437
    )
    
    
    19,256
    
    
    
    17,819Financial
    
    
    3,818
    
    
    
    8,400
    
    
    
    12,218Food & Fiber
    
    
    7,325
    
    
    
    (6,800
    )
    
    
    525Indices
    
    
    (3,514
    )
    
    
    879
    
    
    
    (2,635
    )Metals
    
    
    (9,430
    )
    
    
    175,126
    
    
    
    165,696Energy
    
    
    22,470
    
    
    
    
    
    
    
    22,470Total net trading gain (losses)
    
    $
    19,551
    
    
    $
    196,861
    
    
    $
    216,412
 For the period from April 1, 2009 (commencement ofoperations), through September 30, 2009Change in NetRealized Gain
    
    
    Unrealized
    
    
    Net Trading(Losses), Net
    
    
    Gains (Losses)
    
    
    Gains (Losses)Foreign Exchange
    
    $
    244
    
    
    $
    
    
    
    $
    244Currency
    
    
    (2,162
    )
    
    
    17,656
    
    
    
    15,494Financial
    
    
    (2,122
    )
    
    
    11,024
    
    
    
    8,902Food & Fiber
    
    
    7,551
    
    
    
    (537
    )
    
    
    7,014Indices
    
    
    (4,574
    )
    
    
    269
    
    
    
    (4,305
    )Metals
    
    
    28,600
    
    
    
    130,266
    
    
    
    158,866Energy
    
    
    22,470
    
    
    
    
    
    
    
    22,470Total net trading gains
    
    $
    50,007
    
    
    $
    158,678
    
    
    $
    208,685
 Series B:
 As of September 30, 2009Long Positions Gross Unrealized
    
    
    Short Position Gross Unrealized% of
Net
    
    
    
    
    
    
    % of
Net
    
    
    
    
    
    
    % of
Net
    
    
    
    
    
    
    % of
Net
    
    
    Net Unrealized
Gain (Loss) onGains
    
    
    Assets
    
    
    Losses
    
    
    Assets
    
    
    Gains
    
    
    assets
    
    
    Losses
    
    
    Assets
    
    
    Open PositionsForeign
Exchange
    
    $
    60,482
    
    
    
    0.8
    
    
    $
    
    
    
    
    
    
    
    $
    8,182
    
    
    
    0.1
    
    
    $
    (65,719
    )
    
    
    (0.9
    )
    
    $
    2,945Currency
    
    
    151,775
    
    
    
    2.0
    
    
    
    (262
    )
    
    
    (0.0
    )*
    
    
    41,719
    
    
    
    0.6
    
    
    
    (3,315
    )
    
    
    (0.0
    )*
    
    
    189,917Financial
    
    
    316,754
    
    
    
    4.2
    
    
    
    (25,615
    )
    
    
    (0.3
    )
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    291,139Food & Fiber
    
    
    22,738
    
    
    
    0.3
    
    
    
    
    
    
    
    
    
    
    
    59,475
    
    
    
    0.8
    
    
    
    (11,549
    )
    
    
    (0.2
    )
    
    
    70,664Indices
    
    
    3,595
    
    
    
    0.0
    *
    
    
    (3,619
    )
    
    
    (0.0
    )*
    
    
    11,245
    
    
    
    0.2
    
    
    
    (2,344
    )
    
    
    (0.0
    )*
    
    
    8,877Metals
    
    
    569,530
    
    
    
    7.6
    
    
    
    (10,255
    )
    
    
    (0.1
    )
    
    
    
    
    
    
    
    
    
    
    (102,782
    )
    
    
    (1.4
    )
    
    
    456,493Livestock
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    13,210
    
    
    
    0.2
    
    
    
    (90
    )
    
    
    (0.0
    )*
    
    
    13,120Energy
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    46,251
    
    
    
    0.6
    
    
    
    (51,954
    )
    
    
    (0.7
    )
    
    
    (5,703
    )Totals
    
    $
    1,124,874
    
    
    
    14.9
    
    
    $
    (39,751
    )
    
    
    (0.4
    )
    
    $
    180,082
    
    
    
    2.5
    
    
    $
    (237,753
    )
    
    
    (3.2
    )
    
    $
    1,027,452
 
 *
    
    Due to rounding 18




---



##### Table of Contents



For the three months ended September 30, 2009Change in NetRealized Gain
    
    
    Unrealized
    
    
    Net Trading(Losses), Net
    
    
    Gains (Losses)
    
    
    Gains (Losses)Foreign Exchange
    
    $
    (50,573
    )
    
    $
    12,372
    
    
    $
    (38,201
    )Currency
    
    
    (187,617
    )
    
    
    195,154
    
    
    
    7,537Financial
    
    
    152,983
    
    
    
    136,955
    
    
    
    289,938Food & Fiber
    
    
    12,166
    
    
    
    2,270
    
    
    
    14,436Indices
    
    
    (179,128
    )
    
    
    41,424
    
    
    
    (137,704
    )Metals
    
    
    (223,855
    )
    
    
    770,124
    
    
    
    546,269Livestock
    
    
    32,080
    
    
    
    2,080
    
    
    
    34,160Energy
    
    
    178,448
    
    
    
    (62,480
    )
    
    
    115,968Total net trading gains (losses)
    
    $
    (265,496
    )
    
    $
    1,097,899
    
    
    $
    832,403
 For the period from April 1, 2009 (commencement ofoperations) through September 30, 2009Change in NetRealized Gain
    
    
    Unrealized
    
    
    Net Trading(Losses), Net
    
    
    Gains (Losses)
    
    
    Gains (Losses)Foreign Exchange
    
    $
    (55,975
    )
    
    $
    2,945
    
    
    $
    (53,030
    )Currency
    
    
    (268,331
    )
    
    
    189,917
    
    
    
    (78,414
    )Financial
    
    
    13,001
    
    
    
    291,139
    
    
    
    304,140Food & Fiber
    
    
    19,086
    
    
    
    70,665
    
    
    
    89,751Indices
    
    
    (189,612
    )
    
    
    8,876
    
    
    
    (180,736
    )Metals
    
    
    (123,105
    )
    
    
    456,493
    
    
    
    333,388Livestock
    
    
    15,790
    
    
    
    13,120
    
    
    
    28,910Energy
    
    
    69,508
    
    
    
    (5,703
    )
    
    
    63,805Total net trading gains (losses)
    
    $
    (519,638
    )
    
    $
    1,027,452
    
    
    $
    507,814
 5. Due from/to brokers
   19




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##### Table of Contents



6. Allocation of net profits and losses
   7. Related party transactions
   8. Financial highlights
  2009Series A-1
    
    
    Series A-2Total return before incentive fees*
    
    
    9.0
    %
    
    
    13.3
    %Incentive fees*
    
    
    0.2
    %
    
    
    1.0
    %Total return after incentive fees*
    
    
    9.2
    %
    
    
    14.3
    %Ratios to average partners capital **Operating expenses before incentive fees
    
    
    6.0
    %
    
    
    4.3
    %Incentive fees
    
    
    0.2
    %
    
    
    1.0
    %Total expenses
    
    
    6.2
    %
    
    
    5.3
    %Net investment loss
    
    
    (5.9
    )%
    
    
    (4.2
    )%Net asset value per unit, beginning of period
    
    $
    919.50
    
    
    $
    919.50Net investment loss
    
    
    (30.11
    )
    
    
    (27.41
    )Net gain on investments
    
    
    114.38
    
    
    
    158.95Net asset value per unit, end of period
    
    $
    1,003.77
    
    
    $
    1,051.04
 20




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##### Table of Contents



2009Series B-1
    
    
    Series B-2Total return before incentive fees*
    
    
    0.1
    %
    
    
    1.1
    %Incentive fees*
    
    
    0.0
    %
    
    
    0.0
    %Total return after incentive fees*
    
    
    0.1
    %
    
    
    1.1
    %Ratios to average partners capital **Operating expenses before incentive fees
    
    
    8.8
    %
    
    
    6.1
    %Incentive fees
    
    
    0.0
    %
    
    
    0.0
    %Total expenses
    
    
    8.8
    %
    
    
    6.1
    %Net investment loss
    
    
    (8.7
    )%
    
    
    (6.0
    )%Net asset value per unit, beginning of period
    
    $
    919.50
    
    
    $
    919.50Net investment loss
    
    
    (37.27
    )
    
    
    (26.06
    )Net gain on investments
    
    
    38.13
    
    
    
    36.20Net asset value per unit, end of period
    
    $
    920.36
    
    
    $
    929.64
 
 *
    
    Not annualized**
    
    Annualized, except for incentive fees  2009Series A-1
    
    
    Series A-2Total return before incentive fees*
    
    
    11.2
    %
    
    
    12.0
    %Incentive fees*
    
    
    0.2
    %
    
    
    0.8
    %Total return after incentive fees*
    
    
    11.0
    %
    
    
    11.2
    %Ratios to average partners capital **Operating expenses before incentive fees
    
    
    6.2
    %
    
    
    4.6
    %Incentive fees
    
    
    0.2
    %
    
    
    0.8
    %Total expenses
    
    
    6.4
    %
    
    
    5.4
    %Net investment loss
    
    
    (6.1
    )%
    
    
    (4.5
    )%Net asset value per unit, beginning of period
    
    $
    904.47
    
    
    $
    945.55Net investment loss
    
    
    (16.52
    )
    
    
    (19.26
    )Net gain on investments
    
    
    115.82
    
    
    
    124.75Net asset value per unit, end of period
    
    $
    1,003.77
    
    
    $
    1,051.04
  2009Series B-1
    
    
    Series B-2Total return before incentive fees*
    
    
    10.0
    %
    
    
    10.5
    %Incentive fees*
    
    
    0.0
    %
    
    
    0.0
    %Total return after incentive fees*
    
    
    10.0
    %
    
    
    10.5
    %Ratios to average partners capital **Operating expenses before incentive fees
    
    
    8.1
    %
    
    
    5.8
    %Incentive fees
    
    
    0.0
    %
    
    
    0.0
    %Total expenses
    
    
    8.1
    %
    
    
    5.8
    %Net investment loss
    
    
    (8.0
    )%
    
    
    (5.8
    )%Net asset value per unit, beginning of period
    
    $
    837.01
    
    
    $
    841.22Net investment loss
    
    
    (17.24
    )
    
    
    (12.39
    )Net gain on investments
    
    
    100.59
    
    
    
    100.81Net asset value per unit, end of period
    
    $
    920.36
    
    
    $
    929.64
 
 *
    
    Not annualized**
    
    Annualized, except for incentive fees 21




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##### Table of Contents



9. Financial instrument risk
       22




---



##### Table of Contents



10. Subscriptions and redemptions
   11. Subsequent events
  ITEM 2.
    
    MANAGEMENTS DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
     23




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##### Table of Contents



Three Months ended September 30, 2009
     rd
  24




---



##### Table of Contents



Three Months ended June 30, 2009
     nd
  25




---



##### Table of Contents



26




---



##### Table of Contents



ASC 105.10.05
  ASC 810
 Consolidation
 27




---



##### Table of Contents



ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
  ITEM 4T. CONTROLS AND PROCEDURES
  28




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##### Table of Contents



PART II  OTHER INFORMATION
 Item 1. Legal Proceedings.
  Item 1A. Risk Factors
  Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.
 (a)
    
    There were no sales of unregistered securities during the quarter ended September 30, 2009.(b)
    
    Updated information required by Item 701(f) of Regulation S-K:
 (1)
    
    The use of proceeds information is being disclosed for Registration Statement
No. 333-151632 declared effective on February 17, 2009.(4)
    
    (iv)   As of September 30, 2009, the Fund sold $1,805,532 of Series A Units and
$7,163,742 of Series B Units.
 (v)
    
    As of September 30, 2009, the Fund incurred expenses for the account of the
Fund totaling $223,630 of which $175,626 were paid to Superfund Capital Management
and $48,004 were paid to Superfund USA.(vi)
    
    Net offering proceeds to the Fund as of September 30, 2009 were $8,745,644.(vii)
    
    As of September 30, 2009, the amount of net offering proceeds to the Fund
for commodity futures and forward trading in accordance with Superfund Capital
Managements trading program totaled $8,745,644.
 (c)
    
    Pursuant to the Funds Limited Partnership Agreement, investors may redeem their Units at the
end of each calendar month at the then current month-end Net Asset Value per Unit. The
redemption of Units has no impact on the value of Units that remain outstanding, and Units are
not reissued once redeemed. For the quarter ended September 30, 2009, no redemptions were
made.The following tables summarize the redemptions by investors during the three months ended
September 30, 2009:Series A-1:
 Month
    
    Units Redeemed
    
    NAV per Unit ($)July 31, 2009
    
    
    0
    
    
    
    922.58August 31, 2009
    
    
    0
    
    
    
    932.60September 30, 2009
    
    
    0
    
    
    
    1,003.770
 Series A-2:
 Month
    
    Units Redeemed
    
    NAV per Unit ($)July 31, 2009
    
    
    0
    
    
    
    966.10August 31, 2009
    
    
    0
    
    
    
    978.13September 30, 2009
    
    
    0
    
    
    
    1,051.040
 Series B-1:
 Month
    
    Units Redeemed
    
    NAV per Unit ($)July 31, 2009
    
    
    0
    
    
    
    795.22August 31, 2009
    
    
    0
    
    
    
    833.74September 30, 2009
    
    
    0
    
    
    
    920.360
 29




---



##### Table of Contents



Series B-2:
 Month
    
    Units Redeemed
    
    NAV per Unit ($)July 31, 2009
    
    
    0
    
    
    
    800.56August 31, 2009
    
    
    0
    
    
    
    840.74September 30, 2009
    
    
    0
    
    
    
    929.640
 Item 3. Defaults upon Senior Securities.
  Item 4. Submissions of Matters to a Vote of Security Holders.
  Item 5. Other Information.
  Item 6. Exhibits.
  31.1
    
    Rule 13a-14(a)/15d-14(a) Certification of Principal Executive Officer31.2
    
    Rule 13a-14(a)/15d-14(a) Certification of Principal Financial Officer32.1
    
    Section 1350 Certification of Principal Executive Officer32.2
    
    Section 1350 Certification of Principal Financial Officer
 30




---



##### Table of Contents



SIGNATURES
  Date: November 16, 2009
    SUPERFUND GOLD, L.P.
(Registrant)
By: Superfund Capital Management, Inc.
General PartnerBy:
    /s/ Nigel JamesNigel JamesPresident and Principal Executive OfficerBy:
    /s/ Roman GregorigRoman GregorigVice President and Principal Financial Officer 31




---



##### Table of Contents



Exhibit Number
    
    Description of Document
    
    Page Number31.1
    
    Rule 13a-14(a)/15d-14(a) Certification of Principal Executive Officer
    
    E-231.2
    
    Rule 13a-14(a)/15d-14(a) Certification of Principal Financial Officer
    
    E-332.1
    
    Section 1350 Certification of Principal Executive Officer
    
    E-432.2
    
    Section 1350 Certification of Principal Financial Officer
    
    E-5
 E-1